Royal Bank Of Canada Raises Albemarle (NYSE:ALB) Price Target to $120.00

Albemarle (NYSE:ALB) had its target price hoisted by research analysts at Royal Bank Of Canada from $117.00 to $120.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the specialty chemicals company’s stock. Royal Bank Of Canada’s price objective would suggest a potential upside of 15.66% from the company’s current price.

ALB has been the topic of a number of other reports. Baird R W downgraded Albemarle from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 29th. Argus boosted their target price on shares of Albemarle from $90.00 to $120.00 in a research report on Tuesday, October 14th. Truist Financial upped their price target on shares of Albemarle from $87.00 to $91.00 and gave the stock a “hold” rating in a research note on Friday, November 7th. HSBC raised their price objective on shares of Albemarle from $75.00 to $87.00 and gave the company a “hold” rating in a research note on Friday, November 7th. Finally, Bank of America restated a “neutral” rating and set a $100.00 target price (up from $95.00) on shares of Albemarle in a research report on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, sixteen have issued a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat, Albemarle presently has a consensus rating of “Hold” and an average price target of $97.71.

Albemarle Trading Up 0.2%

Shares of Albemarle stock opened at $103.75 on Monday. The firm has a market cap of $12.21 billion, a price-to-earnings ratio of -11.13 and a beta of 1.70. Albemarle has a 52-week low of $49.43 and a 52-week high of $113.91. The company’s 50-day simple moving average is $88.97 and its 200-day simple moving average is $75.13. The company has a quick ratio of 1.47, a current ratio of 2.31 and a debt-to-equity ratio of 0.38.

Albemarle (NYSE:ALB) last announced its quarterly earnings data on Wednesday, November 5th. The specialty chemicals company reported ($0.19) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.92) by $0.73. Albemarle had a negative return on equity of 1.87% and a negative net margin of 18.61%.The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the previous year, the company earned ($1.55) EPS. The firm’s revenue for the quarter was down 3.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Albemarle will post -0.04 earnings per share for the current year.

Institutional Investors Weigh In On Albemarle

Large investors have recently bought and sold shares of the stock. Manning & Napier Advisors LLC acquired a new position in shares of Albemarle during the 3rd quarter valued at about $138,723,000. ProShare Advisors LLC grew its holdings in Albemarle by 48.5% in the second quarter. ProShare Advisors LLC now owns 2,870,110 shares of the specialty chemicals company’s stock valued at $179,870,000 after purchasing an additional 937,538 shares during the period. AQR Capital Management LLC grew its holdings in Albemarle by 22,047.4% in the second quarter. AQR Capital Management LLC now owns 713,812 shares of the specialty chemicals company’s stock valued at $44,613,000 after purchasing an additional 710,589 shares during the period. FengHe Fund Management Pte. Ltd. acquired a new position in Albemarle during the second quarter worth approximately $32,903,000. Finally, PGGM Investments raised its stake in Albemarle by 90.4% during the second quarter. PGGM Investments now owns 1,069,924 shares of the specialty chemicals company’s stock worth $67,052,000 after purchasing an additional 507,975 shares during the period. Institutional investors and hedge funds own 92.87% of the company’s stock.

Albemarle Company Profile

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.